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Originally Posted by shane_c
Well, we applied for and got a mortgage, signed the purchase agreement and are about to give the downpayment to the vendors but we find out that GE is wanting to do a house appraisal before they will insure the mortgage. The bank is still sending the papers through to the lawyers though in the hopes of not delaying our June 30th closing. GE is supposed to do the appraisal by Wednesday of this week. What can I do to be prepared for this? What will they be looking for? So far, the only thing I've done is print off a few similar places in the neighbourhood that are going for 10,000-30,000 more. I can't see why they would say it wouldn't be worth what we're going to pay given todays market but our luck that's what will happen.
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Shane you have nothing to worry about, this procedure is almost standard when using alternative sources of financing, they always want an appraisal. Alternative as in non CMHC insured mortgages and private lenders. With regards to what you can do, the answer is nothing, just let them in to do the appraisal they will compare the houses for you, everyones city assessment is roughly $100,000 under market value so I'm sure you're fine.